TPG has completed the sale of its stake in Intersect to Google for $4.75 billion, culminating a strategic partnership launched between the companies in December 2024. The deal represents Google's latest move to secure power capacity for its data centers while TPG monetizes its investment in the clean energy infrastructure provider that has grown substantially since its initial backing.

The transaction is part of a series of deals totaling $12 billion enterprise value, which includes spinning off Intersect's grid-tied power business into IPX Power. The new company, with majority backing from TPG Rise Climate, will focus on co-located solar and battery storage projects, including North America's largest such undertaking across California and Texas.

IPX Power now operates 4.4 GW of solar PV and 8.8 GWh of battery storage capacity. Ed Beckley, managing partner at TPG Rise Climate, highlighted how the deal addresses "hyperscalers' most significant challenge in meeting today's data center capacity demands – readily available power at scale." The transaction demonstrates the growing intersection of tech infrastructure and clean energy development.